The firm which owns student housing, Qwetu, and the Real Estate Investment Trust (REIT) Manager of the Acorn Student Accommodation Development REIT (ASA D-REIT) and the Acorn Student Accommodation Income REIT (ASA I-REIT) attributes the growth to higher income during the half year period to June 2025.
“Since inception in 2021, the ASA REITs have continued to demonstrate sustained growth and return despite the significant volatility in the market environment over this period,” said Mathew Maina, Executive Director for AIML, the REIT Manager.
The firm says during the period ASA I-REIT net Income rose to Ksh 251 million compared to Ksh 164 million in the same period in 2024, driven by gain in value of investment properties as a result of rent increases and operational efficiencies.
“In 2024, the ASA DREIT achieved a total return of 13pc and the ASA IREIT 7pc. Based on the 2025 half-year results, the REITs remain on course to deliver improved returns in 2025 driven by debt optimization, keeping projects on plan and increasing occupancy across the portfolio,” he added.
AIML further expects to realize additional savings from the reduction of ASA I-REIT debt it took in July this year, from Ksh 2.5 billion to Ksh 1.9 billion and which has lowered interest on repayment to 11.1pc from 17pc.
ASA D-REIT on the other hand recorded a net Income of Ksh 205 million compared with Ksh 181 million in the same period in 2024 driven by gains in value of investment as Qejani at Hurlingham, Qwetu and Qejani at Kenyatta University and Qejani at JKUAT were completed on time and budget and are now operational.
The firm expects additional 2,100 beds upon completion of Qwetu and Qejani in Eldoret town to boost its current portfolio of 20,000 beds.
By
Ronald Owili
